The BF-1 flight-test aircraft, which will demonstrate the F-35B's short take-off and vertical landing (STOVL) capability, completed a 1h flight on 4 September at Fort Worth, Texas, Lockheed says.

The BF-1, which will demonstrate the F-35B's short take-off and vertical landing capability, completed a 1h flight on 4 September at Fort Worth, Texas after being grounded on 22 September 2008 over concerns about early fatigue cracking of turbine blades in its Pratt & Whitney engines.

Class BF-1 downgraded to 'BB' from 'BBB' and removed from Rating Watch Negative.

The negative rating actions on class BF-1 of series 2000-1 group 1, class BF-1 of series 2000-4 group 1, and class BF-1 of series 2001-1 group 1 are due to the level of losses incurred and the high delinquencies in relation to the applicable credit support levels as of the June 2004 distribution.

The negative rating actions on class BF-1 of series 2000-2 Group 1, class BF-1 of series 2000-3 Group 1, and class BF-1 of series 2001-1 Group 1, are due to the level of losses incurred and the high delinquencies in relation to the applicable credit support levels as of the April 2004 distribution.

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